Cardano completes Now Pensions acquisition from ATP
Written by Jack Gray
The Cardano Group has completed its acquisition of Now Pensions from Danish pension fund Arbejdsmarkedets Tillaegspension (ATP).
As reported by our sister title, Pensions Age, the cost of the acquisition was not disclosed, but it was initially announced in February 2019 and will see 100 per cent of the business coming under Cardano’s ownership.
The deal was completed following Now Pensions’ master trust authorisation by The Pensions Regulator last week (24 September), and brings Cardano’s total assets under management up to £25bn.
Now Pensions is the third largest auto-enrolment provider in the UK, with 1.7 million pension savers across 30,000 businesses.
Cardano hopes that the deal will combine its investment experience in the DB and DC markets with Now Pensions’ auto-enrolment and administration capabilities.
Commenting on the announcement, Cardano CEO, Michaël De Lathauwer, said: “Completing the acquisition of Now Pensions is a key milestone for our group.
“With master trust authorisation now secured, our combined business offers new and existing clients a unique offering of pensions risk management, investment skills, and a bespoke DC platform, which in combination, creates a new force across the UK pensions landscape.”
Now Pensions Trust chair of the trustee, Joanne Segars, added: “With the transaction now complete, the trustee directors are delighted to be able to leverage Cardano’s wealth of expertise on technology and their aligned commitment to good governance to the benefit of members.
“We look forward to working closely with the Cardano team to deliver the best possible outcomes for our members.”